Consider an 18,000 SF shopping center where all tenants pay $20 per square foot, triple-net. Ignore the general vacancy allowance, and assume that reimbursable operating expenses are $90,000 and non reimbursable operating expenses are only a management fee that is 3.5% of PGI. What is the approximate value of this property at an 8% cap rate? $4,303,000 $3,442,500 $4,026,000 $3,775,000 $4,560,000